Wgtn airport to refinance up to $75mln of bonds at 6.25%
Wellington airport to refinance up to $75mln of bonds at 6.25%
Oct. 10 (BusinessDesk) – Wellington International Airport is to reduce its bond holdings, seeking to refinance up to $75 million of retail bonds at 6.25 percent to replace $100 million of 7.25 percent bonds maturing next month.
Infratil-controlled WIAL, which is also 33 percent owned by the Wellington City Council, is seeking $50 million, but says it will take oversubscriptions up to $75 million for the “direct, unsecured, unsubordinated, fixed rate debt obligations of WIAL.”
The company has another $150 million of bonds on its books, maturing in August 2017 and reflecting historic low interest rates, being serviced at 2.89 percent interest with a recalculation clause applying from last year’s anniversary.